The 32-year-old was heralded as one of the Thessaly club's biggest signings when he joined last August on a two-year contract, but has made just 10 appearances for the Super League strugglers this season.
'The club were very satisfied with Geremi's attitude both on and off the pitch and in training, but unfortunately he found it difficult to adapt in Greece,' a club spokesman said.
On the market: Cameroon international Geremi could be heading back to England
The defensive midfielder, who also had spells at Real Madrid and Middlesbrough, appeared in all three of Cameroon's matches at the 2010 World Cup in South Africa and his availability could alert a host of Premier League suitors.
Geremi joined Boro on loan from Real back in July 2002 and his impressive displays prompted Chelsea to fork out £7million for his services.
After four seasons at Stamford Bridge, he headed to Newcastle on a free transfer, but was released by the North-East giants in February last year and joined Turkish side Ankaragucu, before his summer switch to Larissa.
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